New York ? Kmart Corp. Chairman James B. Adamson said Tuesday that the bankrupt retailer would unveil its store closure plan March 11, and that the 500 stores analysts were looking for it to close was “too high.”

Adamson, speaking to reporters in a Kmart store in New York City’s East Village, said the company was determining the closings “purely on financials,” and would start them in early August.

The retailer, which declared voluntary Chapter 11 bankruptcy protection in January, will reveal its strategic plan for the future later in August, he said.

Adamson, a noted corporate turnaround specialist who took the reins as chairman last month, said Kmart would eliminate or scale back merchandise categories that have lackluster sales, but he declined to name specific product areas.

Kmart has a store and regional distribution center in Lawrence.